DXD vs. GLL
DXD (ProShares UltraShort Dow30) and GLL (ProShares UltraShort Gold) are both exchange-traded funds - DXD is a Leveraged Equities fund tracking the Dow Jones Industrial Average Index (-200%), while GLL is a Leveraged Commodities fund tracking the Bloomberg Gold (-200%). Both are passively managed. Over the past 10 years, DXD returned -25.21%/yr vs -21.26%/yr for GLL. At a 0.05 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
DXD vs. GLL - Performance Comparison
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Returns By Period
In the year-to-date period, DXD achieves a -13.08% return, which is significantly lower than GLL's -1.30% return. Over the past 10 years, DXD has underperformed GLL with an annualized return of -25.21%, while GLL has yielded a comparatively higher -21.26% annualized return.
DXD
- 1D
- 0.11%
- 1M
- -4.27%
- YTD
- -13.08%
- 6M
- -11.52%
- 1Y
- -29.87%
- 3Y*
- -21.88%
- 5Y*
- -15.78%
- 10Y*
- -25.21%
GLL
- 1D
- 3.82%
- 1M
- 18.89%
- YTD
- -1.30%
- 6M
- 7.14%
- 1Y
- -39.64%
- 3Y*
- -39.33%
- 5Y*
- -28.52%
- 10Y*
- -21.26%
DXD vs. GLL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DXD ProShares UltraShort Dow30 | -13.08% | -21.11% | -16.07% | -18.77% | 7.09% | -35.18% | -44.57% | -35.33% | 3.07% | -38.64% |
GLL ProShares UltraShort Gold | -1.30% | -62.81% | -33.33% | -14.91% | -2.12% | 1.66% | -41.47% | -26.95% | 5.39% | -23.67% |
Correlation
The correlation between DXD and GLL is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2008 | 0.05 |
Over the past year, DXD and GLL have become more correlated (0.25) than their long-term average of 0.05, meaning their price movements have been converging.
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Return for Risk
DXD vs. GLL — Risk / Return Rank
DXD
GLL
DXD vs. GLL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Dow30 (DXD) and ProShares UltraShort Gold (GLL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| DXD | GLL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.47 | ||
| Sortino ratioReturn per unit of downside risk | -0.71 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.89 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | -1.02 | -0.61 | -0.41 |
| Martin ratioReturn relative to average drawdown | -1.76 | -0.92 | -0.84 |
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Drawdowns
DXD vs. GLL - Drawdown Comparison
The maximum DXD drawdown since its inception was -99.71%, roughly equal to the maximum GLL drawdown of -99.24%. Use the drawdown chart below to compare losses from any high point for DXD and GLL.
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Drawdown Indicators
| DXD | GLL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.71% | -99.24% | -0.47% |
Max Drawdown (1Y)Largest decline over 1 year | -29.50% | -65.10% | +35.60% |
Max Drawdown (3Y)Largest decline over 3 years | -57.68% | -87.95% | +30.27% |
Max Drawdown (5Y)Largest decline over 5 years | -66.02% | -89.76% | +23.74% |
Max Drawdown (10Y)Largest decline over 10 years | -94.76% | -95.76% | +1.00% |
Current DrawdownCurrent decline from peak | -99.71% | -98.77% | -0.94% |
Average DrawdownAverage peak-to-trough decline | -82.33% | -85.15% | +2.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.49% | 43.09% | -24.60% |
Volatility
DXD vs. GLL - Volatility Comparison
The current volatility for ProShares UltraShort Dow30 (DXD) is 8.30%, while ProShares UltraShort Gold (GLL) has a volatility of 16.15%. This indicates that DXD experiences smaller price fluctuations and is considered to be less risky than GLL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DXD | GLL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.30% | 16.15% | -7.85% |
Volatility (6M)Calculated over the trailing 6-month period | 19.74% | 46.91% | -27.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.93% | 54.37% | -29.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.60% | 36.40% | -6.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.91% | 32.31% | +2.60% |
DXD vs. GLL - Expense Ratio Comparison
Both DXD and GLL have an expense ratio of 0.95%.
Dividends
DXD vs. GLL - Dividend Comparison
DXD's dividend yield for the trailing twelve months is around 4.26%, while GLL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DXD ProShares UltraShort Dow30 | 4.26% | 4.25% | 5.91% | 3.87% | 0.25% | 0.00% | 0.31% | 1.76% | 1.15% | 0.12% |
GLL ProShares UltraShort Gold | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DXD and GLL have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLL has higher volatility (16.15%) compared to DXD (8.30%). In terms of maximum drawdown, DXD dropped -99.71% vs GLL's -99.24%.
On 10-year performance, GLL leads with -21.26% vs -25.21% for DXD. Both ETFs have the same 0.95% expense ratio. On volatility, DXD has been the lower-risk option at 8.30%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLL has performed better with a -21.26% return vs -25.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DXD and GLL have the same expense ratio: 0.95% per year.
DXD has the higher dividend yield at 4.26%, compared with 0.00% for GLL.
DXD is categorized as Leveraged Equities, while GLL is Leveraged Commodities. DXD tracks Dow Jones Industrial Average Index (-200%), while GLL tracks Bloomberg Gold (-200%).
GLL currently has the higher Sharpe Ratio (-0.73 vs -1.20), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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